India Microfinance

Vodafone and HDFC bank launch Urban Financial Inclusion program

The country’s first-of-its-kind initiative will help millions of Indians to have access to banking and money transfer

Iin an effort to take banking to millions of unbanked Indians by leveraging deep penetration of mobile phones, HDFC Bank and Vodafone India launched HDFC Bank Mobile Bank Account with Vodafone m-paisa at Chomu, on the outskirts of Jaipur, in Rajasthan on the 26th of November, 2011.

“The partnership between HDFC Bank and Vodafone India is path-breaking as it leverages the Telco’s significant distribution reach and provides customers the security of financial transactions offered by a bank,” said Mr. Rahul Bhagat, Country Head – Retail Liabilities, Marketing & Direct Banking Channels, HDFC Bank.

Through this arrangement, customers can now perform basic banking transactions on the mobile phone and even deposit and withdraw cash, at appointed Vodafone m-paisaTM outlets, without having to go to bank branches. To strengthen this initiative, HDFC Bank has a Board-approved plan to bring 10 million families under financial inclusion over a period of five years.